JUST IN: The CFTC has fined PolymarketHQ $1.4 million and ordered it to wind down certain markets by Jan. 14. nikhileshde reports
The Commodity Futures Trading Commission fined crypto predictions service Polymarket $1.4 million, ordered it to shut down its various markets and offer users full refunds on charges the company failed to register with the regulator.the penalties Monday, ordering Polymarket to wind down all of its markets because it did not seek a Designated Contract Market or Swap Execution Facility registration, two requirements under the Commodity Exchange Act for companies offering binary options in the U.S.
Polymarket is a crypto betting service which allows users to pick one of at least two options on given trades, such as who might win the 2020 presidential election. According to an order published by the CFTC, Polymarket offered at least 900 such markets over the last 18 months.Polymarket cooperated with the investigation, according the CFTC’s press release, leading to a reduced fine. The company will stop offering markets by Jan.
In a statement, Acting Enforcement Director Vincent McGonagle said “all derivatives markets must operate within the bounds of the law regardless of the technology used, and particularly including those in the so-called decentralized finance or ‘DeFi’ space.”
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